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As owner of the recently launched Carolina Restaurant Auctions, he's helped nearly a half-million dollars worth of used equipment find a new home in the first year of business, and he anticipates three times that as his reach spreads across the country next year. But for all the growth, Bowman is the first to admit his own ignorance around a kitchen.

"I didn't know what an emulsifier was," he said, pointing to a massive and particularly wicked-looking handheld blender used to make smooth soups and sauces. "I'd plug a thing in and jump back. Something I've learned is that a lot of restaurant equipment can hurt you."

Bowman came to the industry from a background in securities trading, far more three-piece suit than chef's jacket and toque. Inc. Magazine dubbed him a "serial entrepreneur" when adding his Wilmington-based Coastal Capital Markets to its Inc. 500 list in 2005. He founded that venture in 1999, serving as CEO until its sale in 2007. In the meantime, he's kept himself busy creating private equity funds.

This background gives Bowman a keen eye for spotting opportunities. Restaurants are a notoriously volatile enterprise. An oft-cited University of Ohio study suggests a failure rate of 57 percent to 61 percent within three years. To Bowman, that means there are a lot of banks and landlords left holding equipment they don't know the first thing about liquidating.

"I hate inefficient markets," he said, noting that securities markets have become incredibly streamlined since the advent of computerized trading. "Those inefficiencies still exist in the auction market. I thought, 'Why can't the auction business step into the technological world marketplace where you expose the product to an unlimited number of buyers?' "

The result is Carolina Restaurant Auctions, which regularly holds online auctions featuring all sorts of retail and restaurant equipment.

While he started small, Bowman's empire has expanded rapidly, with warehouse space filling up as quickly as he can sign leases. His buying base has expanded to more than 5,000 registered vendors in what he estimates to be roughly half of the states. Working for a 25 percent commission, Bowman has facilitated everyone from school systems looking to sell outdated industrial-sized gear to doughnut shops in Oklahoma seeking display cases.

His upcoming auction features a large number of coffee-related items from Scotchman convenience stores and Dunkin' Donuts shops, his warehouse smelling strongly of a well-flavored cappuccino. The last time around, curry was the flavor of the day as a number of highly seasoned pieces from Indian restaurants passed through his doors. His auctions can often be a good sign that a food trend has passed.

"If market forces are any indicator, I'd guess in a couple years I'll be selling a lot of brewing equipment and food trucks," Bowman speculated.

Plenty of unconventional items land in his hands. A customized multi-wok cooking station from the shuttered Mama Fu's in Mayfaire, which he estimated cost roughly $20,000 to build, sold for a scant $6.25 to a local dealer. Beer signs and tap handles are a favorite, mainly to guys outfitting their man caves. And then there are the tchotchkes – maritime decorations like mounted fish and netting, antique fire extinguishers meant to serve as random ephemera in an atmosphere of curated clutter.

"I sold a 51-hundred pound Buddha from an amusement park in Myrtle Beach to a place in Florida," Bowman said. "It was too big for standard forklifts, but it's now overlooking the Intracoastal Waterway."

It's a formula that works both ways. Fledgling restaurateurs often find equipment at rates around 10 to 20 cents on the dollar below the new cost. Bowman said this savings can often be the make-or-break difference to a new business. "Restaurant equipment is incredibly expensive new, but it's not so bad if you can find the right piece used," he said.

Allister Snyder has been slowly outfitting his forthcoming Detour Deli & Café on Red Cross Street, and he found particularly nice buys on large coolers and stainless steel tables at auction. He said condition and exact sizes might be a challenge to overcome with an online auction but that a savvy buyer can win big.

"You have plenty of time to look into the items that are being auctioned, and you can participate without being on site," Snyder said. "Another plus with Rod's auctions are that they are fairly frequent, and he does whatever he can to help with the purchase. It's a great service he offers."

Bowman said he's sold the same item on several occasions. It might be a buyer realizing the fit wasn't perfect for his space, or an owner refurbishing her dining room.

"Restaurants change their profile all the time. This stuff trades around like baseball cards," he said, singling out a sky-high stack of black painted wooden chairs from the recently closed Smoke barbecue spot. "Somebody in the area will buy those chairs, and they'll get a good deal."